Accounting 1 – 2/27/08
Objective
- Analyze changes in an accounting equation that affect accounts for a service business organized as a proprietorship.
I. Bellwork
A. For each transaction below identify each account that is affected and whether it increases (+) or decreases (-)
- Owner invested $5000.00 in the business
- Bought supplies for $50.00
- Made a sale on account to Hale Company $230.00
- Made a sale for $300.00
- Owner withdrew $50.00
- Hales Company paid $120.00 on account.
II. Quick Review
III. Chapter 2 Test